Apple, Inc.'s Wednesday iPhone 7 Event: What to Expect

It's that time of the year when Apple (NASDAQ: AAPL) announces new iPhones. As expected, the tech giant has invited the media to an "Apple Special Event" this Wednesday, where the company is expected to show off the iPhone 7, 7 Plus, and a few other new products. Here's a look at expectations ahead of Apple's event.

Apple CEO Tim Cook at an Apple product event. Image source: Apple.

New products

Apple's fall event is expected to include a number of new product releases, including new flagship iPhones, a second-generation Apple Watch, and even new Beats products. Here are some rumors on the new devices:

iPhone: Numerous reports suggest Apple plans to launch an iPhone 7 and iPhone 7 Plus on Wednesday, replacing its iPhone 6 and 6s as the company's newest flagship smartphones.

Notable new features expected on Apple's iPhone 7 include a faster A10 processor, improved water resistance, a flush home button, the elimination of the 3.5mm headphone jack, a new glossy black color option, higher storage options, and possibly more RAM.

Apple Watch: Two years after the first Apple Watch was unveiled, and about one-and-a-half years since deliveries of the device started, Apple is reportedly ready to introduce its second version of the wearable device.

Little is known about a possible second-generation Apple Watch. Rare rumors and leaks boil down to thinner display technology, a larger battery, a barometer, and a GPS.

Despite 2015 rumors suggesting Apple Watch 2 would include a FaceTime camera and expanded Wi-Fi capabilities, it's looking less likely these features will debut this year; no recent leaks or reports have surfaced suggesting these features are coming to the newest version of Apple Watch.

Beats: A recent email sent accidentally by Beats' public relations team to iGeneration says Apple will unveil "a selection of new Beats by Dre products" at the event.

In light of speculationabout Apple ditching the headphone jack on the iPhone 7 in favor of Lightning-based and wireless headphones, it makes sense Apple's 2014-acquired headphone company, Beats, is ready to unveil new products on Wednesday.

Interestingly, the fact that new Beats products may get some keynote time suggests the new hardware could represent a significant improvement over previous models rather than a small incremental update to the adapter.

Dates for new software releases

In addition to announcing new products, Apple should follow its typical annual routine of providing the release dates for its latest software.

iOS 10 preview. YouTube video posted by Apple's official YouTube channel.

Teased at Apple's software-focused Worldwide Developers Conference this summer, Apple is expected to announce release dates for iOS 10, MacOS Sierra, TVOS 10, and WatchOS 3. If the releases are scheduled in a similar manner as they were last year, the latest versions of iOS and WatchOS should go live around the middle of September and MacOS Sierra may get its official start toward the end of the month. It's more difficult to predict when Apple may make a TVOS 10 update live, but the company's website currently says "coming soon."

The event comes at an important time for Apple. The company has reported two quarters in a row of year-over-year declines in revenue and guided for another year-over-year decline in the current quarter, which ends at the end of this month. Investors may be hoping some of Apple's announcements on Wednesday will help reverse this negative revenue trend.

Investors can tune into Apple's live event at using Safari or Microsoft Edge or watch the event on Apple TV.

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Daniel Sparks owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2018 $90 calls on Apple and short January 2018 $95 calls on Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.